Egypt named top investment destination in Africa by UNCTAD report

The Egyptian Cabinet announced that Egypt has been ranked as the most attractive investment destination in Africa for 2023 by the United Nations Conference on Trade and Development (UNCTAD). This is the second time Egypt has held the top spot.

According to a statement by the Media Centre of the Cabinet, Egypt attracted investments worth $9.8 billion in 2023 despite consecutive global crises.

The statement, which details Egypt’s investment status based on UNCTAD’s Global Investment Report published on 20 June 2024, highlights that Cairo accounted for 18.6 per cent of Africa’s total investments, which amounted to $52.6 billion in 2023.

Since 2014, Egypt has seen a positive trend in investment flows. In 2023, the country received $9.8 billion in foreign direct investment (FDI) compared to $9 billion in 2019 and $4.6 billion in 2014.

The report also noted the emergence of Egypt as a key investment destination in Africa for numerous multinational companies in sectors such as automotive, pharmaceuticals, and electronics.

In 2023, Egypt established the Supreme Council for Investment, chaired by President Abdel Fattah Al-Sisi, intending to boost investments and economic growth. It aimed to enhance coordination and the effectiveness of promoting investments. It also introduced tax exemptions and other financial incentives to attract investors.

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